Prospect Real Estate Group bought a multifamily development site in Fort Lauderdale’s Flagler Village for $11 million, with plans for a 252-unit project.
The New Smyrna Beach-based developer plans the 12-story Advantis Station at Flagler Village on the 1.4-acre assemblage it purchased on the northeast corner of Sistrunk Boulevard and Northeast Third Avenue, according to a news release from the sellers’ broker.
The sellers are David and Judith Severns, Third Avenue Investments & Sunart Rentals, NE 4th FTL LLC and SolidSoccer LLC, records show.
Jaime Sturgis and Dan Ross of Native Realty represented the sellers.
Advantis Station will include a 300-space garage, pool with amenity deck, a pedestrian plaza, and ground-floor retail and restaurant space, the release says. Construction will start this year and move-ins are expected to begin in 2024.
Michele and Richard Zahn of Prospect Real Estate (LinkedIn)
Prospect Real Estate Group is a multifamily developer that has developed more than $4.2 billion of real estate and has $1.6 billion of active projects, according to its website. Richard Zahn is chairman, and Michele Zahn is president and CEO.
Prospect also plans to build a 230-unit multifamily development on the northwest corner of 10th Avenue North and Boutwell Road in Lake Worth Beach. In May, the Lake Worth Beach City Commission approved the project, which also will be under Prospect’s Advantis brand.
South Florida’s multifamily market is one of the hottest in the region, fueled by high demand and increasing rents, and also prompting investment appetite.
Flagler Village, a long-overlooked area with shuttered industrial buildings, has been redeveloped in recent years, including with apartment buildings near warehouses that have been repurposed as retail and restaurants.
Last month, California-based Thomas Tomanek & Associates bought the newly built Motif apartments at 500 North Andrews Avenue in Flagler Village for $195 million.
In December, Germany’s Union Investment bought the EON Squared complex at 421 Northeast Sixth Street and 444 Northeast Seventh Street in Fort Lauderdale for $226.5 million.